shall be kept in force to the extent of paid-up sum insured, calculated by means of a formula as approved by the Authority ... section (3) shall not apply-- (i) where the paid-up sum insured by a policy, inclusive of attached bonuses, is less than the amount specified
Insurance Act, 1938
52. Prohibition of business on dividing principle
No insurer shall commence any business upon the dividing principle, that ... periodical actuarial valuation either as reversionary additions to the sums insured or as immediate cash bonuses or otherwise
business of the insurer to some other insurer; (b) the carrying on of its business by the insurer (whether with the policies of the business ... continued for the original, sum insured with the addition of bonuses that attach to the policies or for reduced amounts); (c) the winding
effects the insurance on his behalf; (2) the subject-matter insured and the risk insured against; (3) the voyage, or period of time, or both ... case may be, covered by the insurance; (4) the sum or sums insured; (5) the name or names of the insurer or insurers
same adventure and interest or any part thereof, and the sums insured exceed the indemnity allowed by this Act, the assured is said ... sum in excess of the indemnity allowed by this Act, he is deemed to hold such sum in trust for the insurers, according to their
subject-matter insured, but subject to the limit of the sum insured, leaves the insurable value to be subsequently ascertained, in the manner hereinbefore explained
shall clearly state- (a) the name(s) and address(es) of the insured and of any bank(s) or any other person having financial interest ... property or interest insured under the policy and, where appropriate, with respective insured values; (d) period of insurance; (e) sums insured; (f) perils covered
completion of journey. (e) The insurance company shall pay the sum insured in case of accidental death or permanent disability due to any accident/ physical ... insured person for maximum fifty thousand rupees per annum during the policy period. (m) An insured person shall be covered for a sum of Rupees
implement the above Regulations, every Insurer and the TPA shall put in place the following procedures: i. The insurers and TPAs shall mandate the hospitals ... hospital. ii. Where the admissible claim amount is more than the Sum Insured, the agreed discount shall be effected on the Gross amount raised
cent.of the insurable value of the property insurable; (b) that any liability of the Central Government as insurer under the Scheme is determined ... rate not exceeding three per cent.per annum of the sum insured as may be specified in the Scheme; and (d) that the amount
